Brad Garlinghouse, CEO of Ripple (XRP), has shown a very bullish outlook for the year 2024. He asserts that cryptocurrency market capitalization will double. Is such a scenario likely ?

The CEO of Ripple foresees an explosion in crypto market capitalization.

Brad Garlinghouse spoke during an interview with our colleagues at CNBC. The CEO of Ripple is particularly optimistic about the effects of Bitcoin’s upcoming halving, which is less than 2 weeks away. He also highlights the already noticeable effects of the arrival of Bitcoin spot ETFs.

“I’m very optimistic. I think macro trends, meaning things like ETFs, are attracting real institutional money for the first time.“

Regarding the halving, the implementation of an imbalance between supply and demand will mechanically push prices upward, according to Brad Garlinghouse :

“We see that this leads to more demand, and at the same time […] supply is reduced. […] You don’t have to be a student of economics to understand what’s coming next.“

Will the market cap double in 2024 ?

Hence, a very optimistic conclusion from the CEO of Ripple: cryptocurrency prices will soar, and the total market capitalization will “double by the end of the year”. Currently, the market cap of crypto assets stands at $2.7 trillion. According to Brad Garlinghouse, it could reach $5.4 trillion by December 2024.

The CEO of Ripple isn’t the only one particularly optimistic for the year-end. According to Standard Chartered Bank, the price of BTC could reach $150,000 this year. Additionally, billionaire Mark Cuban has also stated that demand will surpass supply:

“The more people buy it, the fewer people sell it, the higher the price is going to go. That’s the nature of it. It’s a very good store of value.“

With the halving just 2 weeks away, and the price of Bitcoin continuing to flirt with $70,000 in recent days, enthusiasm is palpable in the cryptocurrency market right now.

Source : CNBC